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TWIA warns of precarious funding after Hurricane Beryl; Fair Plan growth highlights insurer pullback statewide
Summary
David Durden, general manager of the Texas Windstorm Insurance Association (TWIA), told the Senate Business and Commerce Committee that the association’s catastrophe reserve trust fund was largely depleted after Hurricane Beryl and that TWIA faces a precarious funding outlook ahead of the 2025 hurricane season.
David Durden, general manager of the Texas Windstorm Insurance Association (TWIA), told the Senate Business and Commerce Committee that the association’s catastrophe reserve trust fund (CRTF) was largely depleted after Hurricane Beryl and that TWIA faces a precarious funding outlook ahead of the 2025 hurricane season.
“TWIA is in a precarious financial position, and we need your help,” Durden told the committee. He said Beryl generated more than 32,000 claims and that TWIA’s latest estimate of bureau claims payments from that event is about $480 million. Durden said the CRTF held roughly $450 million before Beryl and that TWIA’s exposure—the total insured value of properties on TWIA’s book—now exceeds $112 billion.
Durden explained TWIA’s layered…
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